Wednesday, June 12, 2024

The world must take a ‘collective action’ approach to regulations – Indian Finance Minister

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In a recent television interview, India’s Finance Minister, Nirmala Sitharaman, indicated that regulation “cannot be done” by a country alone; It requires an international effort.

Speaking to Rahul Joshi on CNBC-TV18 in India on February 3. 3, citharaman male that while the central bank is the “authority for issuing cryptocurrency,” the rest of the digital assets created offshore “use highly beneficial financial technologies.”

India is looking at a “global” standard operating procedure to be “agreed” to regulate crypto assets, Sitharaman said, ahead of hosting a meeting of G20 finance ministers and central bank governors in Bengaluru later this month.

I suggested that for cryptocurrency regulations to be effective, they require global consensus. I noticed:

“Regulation cannot be done by any country alone, it has to be a collective action because technology gathers no borders.”

Related: India is collaborating with the International Monetary Fund on a cryptocurrency consultation paper

This follows the news that Sitharaman did not mention any changes in income tax laws related to crypto, central bank digital currency or blockchain technology in the Union Budget on February 3. 1.

There have been many developments in crypto regulations by different countries within the G20.

Recently, the Australian government It released a symbolic mapping advisory paper in February. 3, ahead of their plans to release the licensing and custody framework in mid-2023.

During a speech in Paris on the third of January. 5, Governor of the Bank of France, François Villeroi de Gallau, stated that France should not wait for EU crypto laws, but instead, should take action on licensing “as soon as possible.”

Brazil and Argentina are in their own discussions about creating a common digital currency together in an effort to reduce dependence on the US dollar.

Meanwhile, Huang Yiping, a former member of the Monetary Policy Committee of the People’s Bank of China, believes that the Chinese government should reconsider its ban on cryptocurrency trading, suggesting that it may not be sustainable in the long term.